Skip to main content

Pay off the debt on a low income

Is your effort paying off the debt, but you are on a low income?---how can you clean yourself off debt totally in your life? Take this ton of advice. Paying off your debt is very tough when you have a lot of money coming in, let alone when you have low income.

But here is the reality: you can pay off your debt on a low income. But again: there is much more! You can do that without selling your high value properties like your building or vehicles. Today I am going to show you the things you ought to do in order to do this.

 1 The beginning step to paying off any debt is to account for your present financial situation

 You can't take care of the debt you don't want to admit exists, for the reason that one of the crucial strategies for paying off debt is selecting which debt you have to settle first.

 Sit behind your computer- or notepad if you prefer- and pen down all the monies you owe. Do well to write down the amount owed, the terms of payment, the interest, monies you have paid already, and the credit limit on every type of debt.

Doing this, will help you grasp the situation you are in. Make separate schedule for things you cannot do without-necessities like medicine, food, shelter etc.

2 Make a budget

A budget is simply an estimate of your income and expenditure over a set period of time. A lot of people do not like budgets. But believe me: it is the key way to pay off your debt.

You can begin to distribute your monthly income on debts, once you have identified all of them. The first thing you have to deal with, when you make your budget are savings and debts. Then you can manage what remains after everything else.

If you have to slash down on expenses in some place, it must affect things like your wants, like entertainment and transportation rather than paying off debt or investments.

3. Look at your biggest spending and see where you can reduce it

 You must take careful steps regarding your budget, income and expenditure, once you know debt position. You can never pay off debt if you allow your debts to continue increasing.  Go over your expenditures again, and group your spending in order to know where the bulk of your expenses go into- eating or transport, for example.


Then make a plan to reduce your expenses.
  •  Some Ideas: Buy food in bulk
  •  Sell your car (if you own one) and walk, bike or take public transport to work. 
  • Eat at home than restaurants. 
  • Reduce your subscriptions for things like gym and choose for lower packages like exercising at home. Still maintain your mobile phones and internet subscription as these are very important. 
  • Make thrift stores your priority anytime you want to buy thins including home appliances, clothes etc. 

 Summary 
Being in debt is always a difficult thing, and more so when you are doing your best to get out of it on a l ow income. All hope is not lost though, you can still pay off the debt.

The most important thing to do in getting in paying off the debt on a low income is deciding on strict budget, solving one debt issue at a time, and not relaxing, no matter how hard it goes.

After all, which would you like: living modestly for a few years or living in a lifetime of debt?

Popular posts from this blog

What I Wish Everyone Knew About How To Be Happy In Life

It is an open secret money cannot purchase happiness. We though pretend with more money we would be happier. We are trained from childhood to understand how to be happy in life might be achievable through having more money.
Can money really buy happiness? We are trained to want more wealth (we know the wealthy are not happy either); we are conditioned to get the trending style or electronic appliance. Example, look at how lots of people throng the stores during the holidays to get gifts for their friends and family. We aspire to get more money then can we buy what we want and be happy in life.

But do these things really bring us happiness? True happiness cannot be bought. In spite of how fat our salaries are, how much is in our bank accounts.The mansions, clothings and cars we have acquired over the years, all of these cannot give us that happy life. Unfortunately, some will realize this later on in their lives.
Answer to how to be happy in life What brings us happiness? By stroke of…

Learn Easy Ways To Make Money Now

A way to make your life easy is to make getting income automatic. Study this easy ways to make money in order to make your life simple. One must admit, it is a difficult task when you begin at first, but after you have had it all done and setup, it's rewards are huge. Rather than having to work daily and monthly to make money, try your best to setup your own business or income stream, and do your best to keep that business or income stream running with little effort.

I have spoken before about making your payments and savings automatic. Now let’s look at easy ways to make money in an automatic way.

Make it easier The main idea here is that by removing unneeded things in your life, you can have time to focus on things which are truly important. The same principle applies to income making. All over the world, most people earn salaries to support themselves. Sometimes we work two or three jobs, in order to be able to pay the expenses, or pay off debts, save.

That is the generally ac…

Learning How To Save Money Each Month From Salary Is Not Difficult At All!

Like many young people, I dread budgeting and paying expenses and thinking also about savings and pension. I have observed that living consciously means not only celebrating in this time, but taking care of things at this moment, when they are not huge, rather than wait when they get out of hand.With that in mind, I have a few tips for anyone else who wants to learn how to save money each month from salary.
1. Spend less than you make OK, this is almost the only tip you need. People spend more than they do not really have, and that is the biggest financial problem of such individuals. Then they end up in a tight corner, and it’s hard to get out of the corner, and they work long hours to keep up with spending beyond their means.

The result is an unhappy life in which they are trying to pay for spending, they don’t need really.

Spend less, work more, worry less, be happier.
2. Try not to get into debt If you spend less than the salary you make, you won’t be owing, clearly. It’s simple,…